Inland Homes agrees to sell part of Wilton Park asset

3rd May 2022 10:14

(Sharecast News) - Brownfield developer and housebuilder Inland Homes has conditionally offloaded part of its Wilton Park asset in Beaconsfield to a major care home and retirement living operator.

Inland Homes said on Tuesday that it had sold part of Wilton Park to Beechcroft Developments for a total consideration of £19.1m but noted the sale was conditional on planning permission being achieved, with both parties set to work closely over the coming months to submit a planning application.

The AIM-listed group, which has already sold 184 plots to private housebuilder Bewley Homes, retains ownership of the site's remaining 120 plots with outline planning approval. The estimated value of the land and properties owned by the Inland Homes within Wilton Park was estimated at £90.0m.

Inland Homes added that the conditional sale of this part of Wilton Park was in line with its primary key strategic objective of maximising value within its exiting land portfolio to deliver a reduction in net debt.

Chief executive Stephen Wicks said: "The group's high-quality land assets continue to remain in strong demand as reflected by the conditional phase sale of part of Wilton Park, Beaconsfield.

"We continue focusing on positive cash generation, while making further reductions in net debt, our key strategic priority, as well as generating cash to reinvest in our extensive operations. We look forward to working with the operator on the planning in the coming months."

As of 1010 BST, Inland Homes shares were up 0.023% at 43.01p.